Last week we looked at several reasons why do-it-yourself estate planning in Rochester is a serious potential mistake. Estate planning is such a complicated field, requiring the careful consideration of so many factors, that the vast majority of people are unsuited to create plans without help. While you can take the time to research the relevant estate planning issues, discuss the questions you have to face, and determine what goals you want to set for yourself, you should always make a plan … [Read more...] about Estate Planning in Rochester: Do-It-Yourself Plan Can Cost You – Part 2 of 2
Blog
Avoiding Probate in New York [Infographic]
Probate is a often a lengthy, challenging process that can stress out surviving loved ones. Click here to view a larger image. … [Read more...] about Avoiding Probate in New York [Infographic]
What Is Probate?
Probate is a legal process that comes into play if you die in direct personal possession of property, and if you were to use a will to facilitate the distribution of your assets upon your death. In the state of New York, probate matters are handled by the Surrogate's Court. During probate, interested parties could come forward to contest the validity of the last will. There are certain acceptable grounds that could be used to challenge a will. These would include improper execution, undue … [Read more...] about What Is Probate?
How Much Can You Transfer Estate Tax Free?
There is a federal estate tax in the United States, but most people do not pay the tax because of the credit or exclusion. In 2014, the amount of the federal estate tax exclusion is $5.34 million. A tax relief act was passed back in 2010 that set the amount of the estate tax exclusion at $5 million for 2011. Since that time, the $5 million base exclusion has remained intact, but there have been ongoing adjustments to account for inflation. In 2015 another inflation adjustment may be … [Read more...] about How Much Can You Transfer Estate Tax Free?
What Is Estate Planning?
Estate planning is a multifaceted process. In this post we will break down the anatomy of a typical estate plan. Wills & Revocable Living Trusts The facilitation of future asset transfers is at the core of estate planning. This can be done in a number of different ways. The optimal course of action will vary on a case-by-case basis depending on a number of different circumstances. Most people are aware of the fact that you can arrange for the distribution of your assets through the … [Read more...] about What Is Estate Planning?
